Office Depot, OfficeMax agree to merge

9:09 AM,
Feb. 20, 2013

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| AP

Office Depot Inc. said Wednesday it agreed to buy OfficeMax in an all-stock deal that would transform the $21 billion office supply retail sector.

U.S.-based Office Depot Inc. and OfficeMax said holders of OfficeMax shares will receive 2.69 shares of Office Depot for every OfficeMax share they own.

That's equal to about $13.50 per share, based on Office Depot's $5.02 per share closing price Tuesday, giving the deal a total value of about $1.2 billion. OfficeMax had about 86.7 million shares outstanding as of Oct. 26, according to SEC filings. ...